Technical Analysis: Spot Gold May Rebound to the $4,110-$4,135 Range

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汇通财经2026/07/09 05:20

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Spot gold may break through the short-term resistance level at $4,090 per ounce, moving further upward into the target range of $4,110 to $4,135.
The pullback from the high of $4,202 has ended, and its wave structure confirms this. The retracement consists of three waves, with the third wave (wave c) further subdivided into five smaller sub-waves. This structure strongly suggests that the downward movement has been completed.
Retracement analysis shows that the initial target range for the rebound is $4,110 to $4,135. If the gold price falls below $4,055, this may trigger further declines, with a target in the $4,035 to $4,048 range.
From the daily chart perspective, the five-wave downward cycle that started from the high of $4,896 has been completed at $3,949. The peak of wave d at $4,382 can be used as a medium-term reference target. To reach this target, the market may initiate a three-wave upward structure, in which the second wave (wave b) may have just ended near $4,015. The subsequent wave c is expected to move towards $4,311.
Only if the gold price breaks below $3,940 can the continuation of the downward trend be confirmed. Until then, the overall movement is still biased towards a rebound and recovery.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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Technical Analysis: Spot Gold May Rebound to the $4,110-$4,135 Range

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